Broker Name: DBS
Date of Report: 10 Apr 2026
Excerpt from DBS report.
Report Summary
- Action: BUY (Qfin Holdings)
- Ticker: 3660_HK_Equity
- Target/Potential Return: 35.80%
- Ideas of the Day:
- HSBC and Standard Chartered-led group (including Anchorpoint Financial, a joint venture with Animoca Brands and HKT) have been granted the first two stablecoin issuer licenses in Hong Kong.
- Regulatory stance had been a concern; the issuance of these licenses is a positive surprise for the market.
- No material earnings impact expected for HSBC and Standard Chartered as stablecoin business is a small contributor.
- More meaningful impact anticipated for smaller China fintech players, especially Lianlian (2598 HK) and Linklogis (9959 HK), which are positioned along the stablecoin value chain.
- Highlights:
- Qfin Holdings is rated BUY, with a potential return of 35.80%.
- Lianlian (2598 HK) and Linklogis (9959 HK) could benefit most from developments in Hong Kong’s stablecoin licensing.
- Implications:
- Larger banks like HSBC and Standard Chartered may see limited financial impact, but smaller fintechs in China could experience significant earnings and share price movements as stablecoin adoption grows.
above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com/insightsdirect/
